Chinese domestic semi-finished steel market indicates sharp uptrend

During the week ending April 12, semi-finished steel prices in the Chinese domestic market have indicated sharp increases, while transaction activity in the overall market has been at decent levels. Average prices of steel billet and slab in the local Chinese market are presented in the table below.

During the given week, the sharp rises in finished steel prices in China exerted a positive impact on domestic semi-finished steel prices. Due to increased profit margins, rolling mills have been more willing to purchase semi-finished steel, resulting in an improvement in transaction activities in the semi-finished steel market. Meanwhile, ferrous metal futures prices have indicated a rising trend and will likely continue to rise in the short term. It is thought that semi-finished steel prices in the Chinese domestic market will likely continue their rising trend in the coming week.

The above prices include 17 percent VAT
 
$1 = RMB 6.46